Arbitrum confirms a seven-hour outage on the network

Share This Post

Arbitrum, a layer two network based on Ethereum, has suffered an outage. This is the second outage the network has suffered from in five months, with the latest being attributed to hardware failure.

The network has already gone back online. However, this was after the team behind the network announced that some downtime had been reported. An analysis shows that the network was down for around seven hours.

Arbitrum hardware failure

A report from Offchain Labs stated that it was suffering from several issues with the Sequencer. These problems led to a failure in transaction processing when the network was down.

Following the mishap, Arbitrum released a post on Twitter on January 10 informing users of what had transpired. The explanation said, ”the core issue was a hardware failure in our main Sequencer node.”

The report also added that the redundancies in the backup Sequencer failed to control the matter because of an ongoing software update. Whenever Arbitrum has an issue, the design makes it so that it will go back to Ethereum layer one if there is a Sequencer issue.

Arbitrum further noted that it had taken several steps to ensure that all transactions were confirmed by the Sequencer before it went offline. 264 transactions were recorded by the Sequencer, and they could not be passed over to Ethereum.

The network is still under development

This was not a major outage on the network, as it was resolved in a few hours. The team also added that it was still in the beta phase. “The Arbitrum network is still in beta, and we will keep this moniker as long as there are points of centralization that still exist in the system.”

The team further stated that it was boosting decentralization by deploying a “twofold path of minimizing Sequencer downtime” in the following weeks and months.

In September last year, Arbitrum suffered another Sequencer outage, with a flaw causing an outage after a large number of transactions were executed on the network within a short period.

Arbitrum is a layer two network on Ethereum that makes transactions faster and cheaper. The network received $120 million during a funding round at the beginning of September last year.

An analysis from L2beat, a layer two data platform, stated that Arbitrum was the leading layer two network. This network’s total value locked (TVL) currently stands at around $2.57 billion, accounting for 47% of the entire market share for layer twos.

Your capital is at risk.

Read more:

Read Entire Article

Related Posts

Crypto Sector Secures $317M in Venture Capital Deals in Early June

With the first half of June concluded, there have been 37 venture capital deals and fundraising events in the crypto sector Collectively, these investments totaled $31787 million, with Avail, a

Ripple Gets Big Break: SEC Lowers Settlement Demand To $103 Million

A glimmer of hope emerged for Ripple Labs this week in their ongoing legal battle with the SEC The Securities and Exchange Commission slashed its proposed settlement amount from a staggering $2

The State of Crypto Merchant Adoption in 2024

Merchants are increasingly adopting cryptocurrencies like bitcoin and ethereum, reflecting a growing trend towards digital currency payments as a viable alternative to traditional means Merchants

Salvadoran Government Introduces Bitcoin Banking Law Reform

The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector The banking law reform introduced to the

Bitcoin Proponent Michael Saylor Forecasts Potential $8 Million BTC Price Tag

Fervent Bitcoin proponent Michael Saylor has made another very bullish prediction for Bitcoin’s price tag His comments, which were made at a recent Prague event, have captured the attention of

Paxos Lays Off 65 Employees Following Yield-Bearing Stablecoin Launch

According to sources familiar with the matter, the stablecoin issuer Paxos is cutting 20% of its workforce This development comes on the heels of Paxos International’s announcement of its
- Advertisement -spot_img